How to Buy Property From Existing Landlords

In this episode, Simon details the step by step process of how to buy properties directly from existing landlords and why it’s a win, win for everyone involved and why now is such a great time to use this strategy.   The introduction of section 24 has changed the property landscape for landlords who own property in their own name and those who are higher rate taxpayers. There are currently increased numbers of  landlords looking to retire and you can help them with a solution that is a win, win for everyone involved   KEY TAKEAWAYS Previously you could take a property, rent it out and take all the expenses off the rental income to calculate the profit. One of the expenses that could be included was the interest on a mortgage. Finding landlords who want to sell: The Targeted Approach - Identify properties you would like to have in your portfolio. Contact Land Registry to find out who the owners are and contact them by letter to see if they want to sell the property. Writing letters to specific property owners does work. The more letters you write the luckier you get The Blanket Approach - Write to all of the landlords you can find in a  particular area to see if they would be interested in selling or renting their property to you. You could take on the property on a rent to rent basis and change the strategy to make it more profitable for you. A purchase lease option where you rent with an option to buy the property in the future is a successful strategy. In the UK houses of multiple occupation have to be registered with local councils You can access the list and write to the property owners. You want the owner to open your letter so generating interest is key. You can send the letter in a coloured envelope and it is positive if the address is handwritten Treat this a campaign – people often only send one letter but the key is a sustained and consistent approach. People need to see your letter 7 or 8 times in order to get the message. If you have a large number of landlords to write to it can be broken down  into sections and a cycle created so that you are contacting landlords every 2 months.   BEST MOMENTS ‘They think now is the time to benefit from the equity growth and enjoy the rest of my life’ ‘We know what’s going on at a grassroots level and more and more landlords are coming to our property investor network meetings to find out how to dispose of their properties’ ‘Ideally, you are looking for motivated landlords those who’ve got some sort of problem that you can help with a solution’   VALUABLE RESOURCES   Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi     property investor’s network (pin) - www.pinmeeting.co.uk ABOUT THE HOST Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32. Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk.    pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors. Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way.  How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth. Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book. Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.   CONTACT METHOD Contact and follow Simon here:   Facebook: http://www.facebook.com/OfficialSimonZutshi LinkedIn: https://www.linkedin.com/in/simonzutshi/ YouTube: https://www.youtube.com/SimonZutshiOfficial Twitter: https://twitter.com/simonzutshi Instagram: https://www.instagram.com/simonzutshi/